Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.’s (MEDGULF) shareholders are set to vote on a 12.5% capital cut to SAR 700 million from SAR 800 million during the extraordinary general assembly meeting to be held on April 22, the company said in a statement on Tadawul.
The capital cut will be through writing off 10 million shares, in order to offset accumulated losses.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 800 mln |
|
Number of shares |
80 mln shares |
|
Reduction (%) |
12.5% |
|
New Capital |
SAR 700 mln |
|
New number of shares |
70 mln shares |
|
Method |
Writing off 10 million shares |
|
Reason |
Capital restructuring to offset accumulated losses |
|
Date |
April 23, 2021 |
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